ConocoPhillips and Origin Energy have agreed to provide China's Sinopec with 4.74 million tons of liquefied natural gas from Australia each year for two decades. The nuclear crisis in Japan has strengthened interest in LNG, which is cheap and easy to deliver from Australia, said Ryan Lance, a senior vice president at ConocoPhillips. Australian Resources Minister Martin Ferguson described the deal as "the biggest single LNG sales and purchase agreement by annual volume in Australia's history."

Full Story:

Related Summaries